SOURCE: Punchline Entertainment Inc.
TORONTO--(Marketwire - Aug 28, 2012) - Punchline (OTCQB: PUNL) (OTCBB: PUNL) ("Punchline" or the "Company") is pleased to announce that the Company has secured a $1,000,000 Line of Credit Facility (the "Line of Credit"). It is anticipated that proceeds received from the available Line of Credit will be used for gold exploration and development project acquisition, general working capital, and other such purposes as the Company may determine from time to time.
"We are very pleased to have gained access to an available stream of new capital that can be utilized to fund our future growth," said Ramzan Savji, CEO and President of Punchline. "The Company continues to evaluate several gold projects for possible acquisition and anticipates making a formal offer to acquire interests in one or more projects over the next few weeks."
The currently discussed projects and any potentially resulting transactions remain subject to, among other things, Punchline and the current project owners entering into formal agreements and completion of satisfactory due diligence by all parties. There can be no assurance that any transactions will be completed as proposed or at all. If and when a formal agreement is memorialized, additional details will be forthcoming.
Punchline Entertainment Inc. (soon to be Punchline Resources Ltd.) is an emerging mineral resources company focused on both domestic and international exploration and development projects. The Company is currently evaluating several projects for potential acquisition and/or participation.
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the company anticipating to acquire exploration properties. There can be no assurance that the Company will acquire any such property. The words "plan," "forecast," "anticipates," "estimate," "project," "intend," "expect," "should," "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Punchline Entertainment Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Punchline Entertainment Inc. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.